The Effect of IFRS on Corporate Governance Practices in Nigerian Firms
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Background of the Study
Corporate governance refers to the systems, principles, and processes by which firms are directed and controlled. The adoption of International Financial Reporting Standards (IFRS) has had a significant impact on corporate governance practices globally, and Nigeria is no exception. IFRS aims to improve the transparency, consistency, and comparability of financial statements, which directly influences how companies communicate with their stakeholders and make decisions. As Nigerian firms continue to adopt IFRS, corporate governance practices are expected to evolve to ensure that financial reporting aligns with international standards. This study will explore the impact of IFRS on corporate governance practices in Nigerian firms, particularly in terms of board structure, decision-making, and accountability.
Statement of the Problem
While the adoption of IFRS is intended to enhance financial reporting transparency, its impact on corporate governance practices in Nigerian firms remains under-researched. Understanding how IFRS influences board structure, management practices, and accountability in Nigerian firms is crucial for evaluating whether IFRS adoption leads to better governance practices. This study aims to fill this gap by examining the effect of IFRS adoption on corporate governance practices in Nigerian firms.
Aim and Objectives of the Study
Aim:
To investigate the effect of IFRS adoption on corporate governance practices in Nigerian firms.
Objectives:
To assess the impact of IFRS adoption on the structure and functioning of boards in Nigerian firms.
To evaluate the role of IFRS in improving decision-making and accountability in Nigerian firms.
To explore the relationship between IFRS adoption and corporate governance reforms in Nigerian firms.
Research Questions
How has IFRS adoption influenced the structure and functioning of boards in Nigerian firms?
What role does IFRS adoption play in improving decision-making and accountability in Nigerian firms?
How does IFRS adoption relate to corporate governance reforms in Nigerian firms?
Research Hypotheses
IFRS adoption has positively influenced the structure and functioning of boards in Nigerian firms.
IFRS adoption has led to improved decision-making and accountability in Nigerian firms.
IFRS adoption has contributed to corporate governance reforms in Nigerian firms.
Significance of the Study
This study will offer valuable insights into the impact of IFRS adoption on corporate governance practices in Nigerian firms. The findings will be useful for policymakers, regulatory bodies, and corporate leaders in understanding how IFRS can improve governance standards, enhance accountability, and foster better decision-making within Nigerian firms.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and their corporate governance practices. Limitations may include challenges in obtaining data from firms that have not fully implemented IFRS or those with weak governance structures.
Definition of Terms
Corporate Governance: The processes and systems by which firms are directed, controlled, and held accountable to their stakeholders.
IFRS Adoption: The implementation of International Financial Reporting Standards in the preparation of financial statements.
Board Structure: The composition and roles of board members in a firm, including the roles of executive and non-executive directors.
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